26 Jul '14, 8pm

Bitcoin Banned in Ecuador as Government Plans Own Cryptocurrency

Bitcoin Banned in Ecuador as Government Plans Own Cryptocurrency

In a strange turn of events, the socialist government of Ecuador decided to ban bitcoin and all other cryptocurrencies while at the same time introducing plans for creating its own crypto. The bill gained approval from 91 members of parliament, with 22 votes against and 3 abstentions. The president Rafael Correa, who introduced the bill, will now sign it into law. Part of the law calls for the creating of an Ecuadorian state digital currency that will be backed up by the assets of the the central bank. The country currently uses the US dollar as its official currency. The assembly said in a statement that ”Digital money will stimulate the economy. It will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone. The digital currency will be backed by the assets of the Central Bank of Ecuador.”

Full article: http://www.forexnews.com/blog/2014/07/26/bitcoin-banned-e...

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